BlackRock Insider Predicts Cryptocurrency Earthquake with $17.7 Trillion Impact on BTC, ETH and XRP Prices

A former BlackRock managing director has predicted that it's only a matter of months before the SEC grants approval for a much-anticipated Bitcoin spot exchange-traded fund (ETF). This approval would open the doors for funds managing a combined $17.7 trillion in assets, as per a recent Forbes report.

Steven Schoenfield, the former BlackRock managing director, made this projection at a recent conference in London, stating that the SEC is likely to approve all spot Bitcoin ETF applications simultaneously to avoid granting any one entity a first-mover advantage. Schoenfield expects the SEC to approve a bitcoin spot ETF within "three to six months."

Several major players, including Franklin Templeton, BlackRock, Fidelity, Invesco Galaxy, and WisdomTree, have filed applications for a bitcoin spot ETF. Schoenfield noted that the SEC's recent decision to delay decisions on some prominent bitcoin spot ETF applications until early next year has expedited the process. Instead of outright rejection, the SEC has asked for comments, which signals an improved dialogue.

Moreover, U.S. lawmakers have instructed the SEC to reevaluate Grayscale's application to transform its flagship bitcoin trust into a fully-fledged bitcoin spot ETF. Schoenfield believes the SEC is "most likely going to have to allow the Grayscale Bitcoin Trust to be converted into an ETF."

Resources:

Forbes